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Electric Off-Road Vehicles Market Size By Vehicle (All Terrain Vehicle [ATV], SSV/UTV, Off-Road Motorcycles), By Application (Utility, Sports, Recreation, Military) & Forecast, 2023 – 2032

  • Report ID: GMI5050
  • Published Date: Mar 2023
  • Report Format: PDF

Industry Statistics

Electric Off-Road Vehicle Market size surpassed USD 100 million in 2022 and is anticipated to grow at 12% CAGR from 2023 to 2032 driven by increasing spending by OEMs towards new product innovations. 

Electric Off-Road Vehicle Market

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With tightening emission guidelines restricting the capabilities of ICE-powered vehicles, many industry players are making notable investments towards the electrification of their off-road models through R&D. Citing an instance, in January 2023, Okinawa Autotechan Indian electric two-wheeler manufacturer, inked a new joint venture with TACITA S.r.l, an Italian manufacturer of electric off-road vehicles, to establish its first R&D centre in Italy. The facility will focus on novel product innovations and the creation of a brand-new e-powertrain that supports the next generation of e-vehicles.

Safety issues related to the use of off-road vehicles may impede industry outlook

Growing instances of accidents and fatalities associated with off-roading in general may act as a barrier for the off-highway electric vehicle market growth. While negligence of precautionary measures, non-adherence to the set rules and off-roading while underage are some of the reasons that cause such accidents, the consumer mindset tends to associate them directly with the use of the vehicle. Additionally, off-road vehicles also command steep maintenance costs and cannot be used as regular commuter vehicles in most jurisdictions, making them a luxury purchase for many, which further holds back product adoption.

Rising government support towards boosting tourism sector to propel recreation application segment growth

 Global Electric Off-Road Vehicle Revenue Share By Application

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The industry size from the recreation application type is poised to witness 15% growth rate during 2023 to 2032. Increasing world government support towards boosting the global tourism sector is said to encourage more people from participating in recreational activities, stimulating segment expansion. In wake of the COVID-19 pandemic, a new trend is being observed across developed economies where the younger population is showing a renewed interest in the great outdoors.

Surging popularity of e-bikes to fuel demand for electric off-road motorcycles


Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of electric off-road vehicle surpassed USD 100 million and is anticipated to grow at 12% CAGR from 2023 to 2032, on account of growing investments by OEMs towards new product innovations.

The electric off-road vehicle industry from the off-road motorcycle segment is poised to cross a valuation of USD 90 million by 2032, owing to increasing consumer shift towards electric dirt bikes.

The North America electric off-road vehicle industry size was valued at USD 50 million in 2022, driven by rising inclination of people towards recreational activities and the region is likely to emerge as a key growth hub.

The major participants in the electric off-road vehicle competitive landscape include names such as Vanderhall Motorworks, KTM AG, Polaris Inc, Volcon, John Deere, and TACITA S.r.l, among others.

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 18
  • Tables & Figures: 245
  • Countries covered: 16
  • Pages: 150
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